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TOWARDS A SINGLE ECONOMY AND A SINGLE DEVELOPMENT VISION Norman Girvan

TOWARDS A SINGLE ECONOMY AND A SINGLE DEVELOPMENT VISION Norman Girvan. Lessons of the past. Adjustment and transformation imperative No coherent regional strategy Lack of an institutional framework Tyranny of the short-term/crisis management Wide intra-regional disparities

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TOWARDS A SINGLE ECONOMY AND A SINGLE DEVELOPMENT VISION Norman Girvan

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  1. TOWARDS A SINGLE ECONOMY AND A SINGLE DEVELOPMENT VISIONNorman Girvan

  2. Lessons of the past • Adjustment and transformation imperative • No coherent regional strategy • Lack of an institutional framework • Tyranny of the short-term/crisis management • Wide intra-regional disparities • Little popular involvement

  3. Why a Singe Development Vision Now? • Urgency of economic adjustment and transformation • Framework for policy harmonisation under CSME & for external negotiations - EPA • Facitate participation and ‘buy-in of stakeholders

  4. Suggestions • Review previous studies • Sequencing important – aim for ‘early harvest’ • Place equal emphasis on non-economic aspects of integration • Market integration insufficient • Functional cooperation a necessary complement

  5. Caveats on CSME • CSME should not ‘promise more than it can deliver’ • CSME cannot be ‘all things to all men’ • Development still mainly a national responsibility • CSME and functional cooperation must ‘add value’ to national effort

  6. DEVELOPMENT VISION • Economic • Social • Governance • Environmental • ECONOMIC INTEGRATION • Single Market • Single Economy • FUNCTIONAL • COOPERATION • Social • Environmental FOREIGN POLICY COORDINATION NATIONAL POLICIES & PROGRAMMES

  7. Structure of Report • ·        Scope and Vision • ·        Drivers • ·Economic Policy • ·Social And Institutional • ·        Sequencing

  8. SIX ELEMENTS OF A SINGLE DEVELOPMENT VISIONEconomic, social, environmental and governance dimensions 1.Self-sustaining economic growth 2.Full-employment economy & elimination of poverty; 3.Spatially equitable growth 4.Social equity, social justice, social cohesion and personal security; 5.Environmental protection 6.Democratic, transparent and participatory governance.

  9. ECONOMIC DIMENSION • Social partnership • Drivers of growth • Private sector – leading role • Government – enabling environment • Common sectoral policies • Harmonised functional policies • Investment in human and social capital • Promotion of entrepreneurial culture

  10. SOCIAL DIMENSION • Caricom Charter for Civil Society • Corporate Social Responsibility • Community Social Compact • Investment in human capital • Models of ‘best practice’ in public policy • Regional minimum wage • Caribbean Diaspora

  11. GOVERNANCE DIMENSION • Implementation of the Rose Hall Declaration • Automatic application of decisions • Caricom Commission • Funding of regional institutions • Assembly of CC Parliamentarians • Caribbean Business Council • Caribbean Corporate Governance Forum • Charter for SMEs

  12. ENVIRONMENTAL DIMENSION • Caricom Environmental Regulatory Regime • State of the Caricom Environment Reports

  13. ECONOMIC DRIVERS • Energy • Agriculture • Sustainable Tourism and Agro-tourism • New export services

  14. Economic drivers • Sectors/ clusters of industry and service activities whose expansion will drive regional economic growth. • Must have the potential for • sustained growth of exports to international markets, or • or growth in intra-regional exports, or • significant growth in supplies, at low real cost, of a key input that is important to the achievement of international competitiveness in other activities • Growth potential have been identified through an iterative process of technical studies and stakeholder consultation

  15. ENABLING ENVIRONMENT • III. 1Social Partnership • III. 2 Human Resources • III. 3 Policy Harmonisation and the Business Environment • III. 4 Transport • III.5 Enhanced Monetary Cooperation • III. 6 Regional Development Fund

  16. POLICY HARMONISATION & BUSINESS ENVIROMENT • III.3.1 Investment • III.3.2 Taxation and Incentives • III.3.3 Financial Services • III.3.4 Capital Market Integration • III.3.5 Small and Medium Enterprises • III.3.6 Corporate Governance • III.3.7 Competition Policy • III.3.8 Technical Standards

  17. PHASE 1 2006 – 2010 • Extend and a streamline free movement of labour • Free movement of service providers • Prepare/approve HRDS • CCCS – legal status • Revised Governance • Social Partnership

  18. PHASE 1 Con’t • Regional Development Fund – operational • Caricom Investment Regime - adopt • Caricom Financial Services Agreement - adopt • Regional Stock Exchange- operational • Sectoral policy frameworks – finalise • Harmonisation of taxation/fiscal regimes - finalise

  19. PHASE 1 Con’t • Protocol on Enhanced Monetary Cooperation – adopt • Common Currency numeraire – agree • Finalise • Environmental Regulatory Regime • SMEs regime • Competition Policy • Technical Standards • IP regime • Corporate Governance

  20. PHASE 2 – 2010 - 2015 Implementation of • Common sectoral policies • Harmonised taxation, incentives, financial & regulatory environment • Harmonised Fiscal & monetary policies • Competition Policy • IP Regime • Monetary Union

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